WORLD
US slashes tariffs on Chinese imports to 47% after a meeting with Xi Jinping
- IBJ Bureau
- Oct 31, 2025
US President Donald Trump has agreed with President Xi Jinping to trim tariffs on China in exchange for Beijing cracking down on the illicit fentanyl trade, resuming US soybean purchases and keeping rare earths exports flowing.
Mr Trump had his first face-to-face talks with Mr Jinping since 2019 in the South Korean city of Busan on Thursday. The meet marks the finale of a whirlwind Asia trip, on which Mr Trump has also touted trade breakthroughs with South Korea, Japan and Southeast Asian nations.
The deal, according to Beijing, also includes a US pledge to delay for a year a new measure – strongly opposed by China – to bar thousands of Chinese companies from receiving US technology, if they are part-owned by a sanctioned company.
“It was an amazing meeting,” Mr Trump told reporters aboard Air Force One shortly after he left South Korea, ranking the talks a “12 out of 10”.
Mr Trump has added that tariffs on Chinese imports will be cut to 47 per cent from 57 per cent by halving to 10 per cent the rate of tariffs related to trade in fentanyl precursor drugs.
China has agreed to stop export controls on rare earths unveiled this month. These elements play vital roles in cars, planes and weapons that have become Beijing’s most potent source of leverage in its trade war with the US.
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